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‘Thanks to Brexit’ UK reaps rewards of EU exit as bloc drowns in food price inflation

News‘Thanks to Brexit’ UK reaps rewards of EU exit as bloc drowns in food price inflation

When the UK formally left the continental trading bloc in January 2021, opinion was split on how and when the benefits would shine through. Brexit supporters believed this could happen more quickly than some would imagine, while Remainers continued to bemoan the result of the EU referendum in June 2016. But one economic expert has highlighted how, over the past few years, food prices have risen much more in the European Union than in the UK.

Independent economist Julian Jessop first tweeted a graph citing figures from Eurostat and the Office for National Statistics (ONS) comparing UK and EU prices since 2019 up until March 2022.

He pointed out how food prices have risen five percent in the UK over this period up until the current month.

In stark contrast, this compares to nine percent in the euro area and 11 percent in the EU as a whole.

Mr Jessop then tweeted a graph showing food price inflation rates, which again cited numbers from Eurostat and the ONS.

The expert said on a like-for-like basis, food price inflation was 5.8 percent in both the UK and euro area.

But in the EU as a whole, this had jumped slightly to 6.9 percent.

In reply to the Twitter post and figures from Mr Jessop, former Welsh MP Mark Reckless wrote: “Thanks to Brexit.”

In a further boost for Brexit Britain and its traders, the Government has scrapped plans to impose yet more checks on goods entering the UK from the EU.

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In addition, controls that had already been introduced in the UK will still remain in place.

Mr Rees-Mogg announced a “new regime of border import controls” will be established at the end of next year.

In a statement to MPs, he said: “When the UK left the European Union, we regained the right to manage our own borders in a way that works for Britain.

“This includes how we manage imports into our country from overseas.

“British businesses and people going about their daily lives are being hit by rising costs caused by Russia’s war in Ukraine and in energy prices.

“It would therefore be wrong to impose new administrative burdens and risk disruption at ports and to supply chains at this point.

“The remaining import controls on EU goods will no longer be introduced this year – saving British businesses up to £1 billion in annual costs.”

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